• What looked to be yet another dismal trading session following yesterday’s sharp losses, miraculously turned into a heavy last-minute buying mode, as if the BIST went into the holiday discount season, thus enabling the BIST100 to close 1.58% higher at 7979, and with a turnover of TRY 83.9bn, thanks to the buying appetite in the Transportation stocks, lifted by falling fuel prices and strong passenger growth figures, as well as IATA’s 2.7% net profit margin, and record 2024 revenues, while the Banks faced harsh profit-takings after their recent surge, but pared their intraday sell-offs during the end of the day.
• On the back of yesterday’s late buying appetite, and the positive mood in the global markets, we therefore expect a positive opening at the BIST.
• However, the drawbacks could once again provide entry points for investors who felt they missed the train. Please note that next week’s Moody’s sovereign rating evaluation, where an outlook to the “Stable” or “B3” rating upgrade is highly likely, and speculations of a new swap deal, would bode well for Banks.
• SASA-EKGYO and TUPRS were yesterday’s most bought BIST30 stocks, while YKBNK-AKBNK and ASELS were the most sold.
• As of yesterday’s close, the TRY is trading slightly lower against the USD at 28.95, but stronger against the Euro at 31.23, while the DXY has risen to 103.64, but dropping from the 104 levels. The 5yr CDS rates are trading at 334. On the Bonds’ front, the 2yr rates fell by 5bps to 38.36%, while the 10yr rates rose by 41bps to 26.92%.
• On the Commodity front, Brent is trading higher at $75.28, whereas and ounce and gram GOLD are flat at $2031 and TRY 1891, respectively.
• Last week, Non-Resident Investors were net BUYERS of USD 376.4mn STOCKS and net BUYERS of USD 152.2mn BONDS, accruing to a total purchase of $803.6mn STOCKS in the last 5 weeks. Turkey’s FX Reserves rose to their highest peak of $93.2bn, if you are listening S&P!
• Yesterday, President Erdogan met with his Greek counterpart, and agreed to increase trade to $10bn, and also enable visa-free travel for Turkish tourists to the Greek islands for 7days but talks regarding Energy cooperation was left for a later meeting.
• Foreign Minister Hakan Fidan will be flying to the US, and the markets may see opt to price positive developments, especially regarding F16 deliveries.
AGENDA:
• There are no major macro releases expected on the home front today, while the US Non-Farm Payroll (+183k) will be the key macro release, followed by the Unemployment and Michigan Consumer Confidence Index. Germany will release its Inflation figures today.
CORPORATE:
• TAVHL: Disclosed its November PAX figures. Accordingly, total PAX count rose by 16% y/y to 5.86mn vs 5.06mn, with transit count rising 18% y/y to 3.25mn and domestic pax count rising 12% y/y to 2.59mn.
Trive Yatırım Menkul Değerler A.Ş.
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Yasal Uyarı
Burada yer alan yatırım bilgi, yorum ve tavsiyeler yatırım danışmanlığı kapsamında değildir.Yatırım danışmanlığı hizmeti ; aracı kurumlar, portföy yönetim şirketleri, mevduat kabul etmeyen bankalar ile müşteri arasında imzalanacak yatırım danışmanlığı sözleşmesi çerçevesinde sunulmaktadır.Burada yer alan yorum ve tavsiyeler, yorum ve tavsiyede bulunanların kişisel görüşlerine dayanmaktadır.Bu görüşler mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabılır.Bu nedenle, sadece burada yer alan bilgilere dayanılarak yatırım kararı verilmesi beklentilerinize uygun sonuçlar doğurmayabilir.
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